Easily one of the hottest and most contentious topics in the business world today is a corporate responsibility and the related issues of corporate governance and business ethics. Debates on these issues have taken on a more serious turn as a result of corporate scandals in the United States, and more recently in Europe. This paper evaluates a number of alternative approaches in dealing with this problem and attempts to identify among these an acceptable framework- one which we think allows business managers to address the interests of all stakeholders in the corporation, and yet does no violence to the classical concept of the firm as a profit-seeking entity.